T. Rowe Price OHA Select Private Credit Fund

What T. Rowe Price OHA Select Private Credit Fund does

T. Rowe Price OHA Select Private Credit Fund (OCREDIT) is a non-traded perpetual Business Development Company (BDC) that invests in a diversified portfolio of senior secured, privately originated floating rate loans to well-established companies in North America and Europe. The fund is managed by Oak Hill Advisors (OHA), a credit-focused alternative investment firm that became a T. Rowe Price company, and is distributed through T. Rowe Price's enterprise platform. As of May 31, 2026, OCREDIT reported $3B in fair value of investments across 139 portfolio companies, with 97% floating rate exposure, 98% senior secured positions, a 46% average loan-to-value, and a 0.9x debt-to-equity ratio.

OCREDIT offers three share classes — Class I (inception November 14, 2022), Class S (May 1, 2024), and Class D (March 1, 2025) — each with different fee economics to accommodate broker-dealer, fee-only RIA, and institutional distribution channels. The fund is targeted at income-seeking individual investors who access it through their financial advisers or brokerage representatives, and it provides quarterly liquidity via tender offers and simplified Form 1099 tax reporting. Investment performance is communicated as a 9.2% annualized distribution rate (Class I) and 6.52% one-year net total return (Class I) as of May 31, 2026.

The fund's revenue model is subscription-based and recurring: investors subscribe to share classes and the fund earns interest income on its loan portfolio, which is distributed monthly to shareholders. Distribution is sales-led, executed through T. Rowe Price's financial professional network, a dedicated distribution desk (1-800-541-5299, [email protected]), and content marketing assets. Eric Muller serves as CEO of OCREDIT and is a Portfolio Manager and Partner at OHA.

Name

T. Rowe Price OHA Select Private Credit Fund

Legal name

T. Rowe Price OHA Select Private Credit Fund

Website

https://ocreditfund.com

Company type

Private

Founded year

2022

Operating status

Operating

Short description

T. Rowe Price OHA Select Private Credit Fund (OCREDIT) is a non-traded perpetual BDC that invests in senior secured, floating rate loans to well-established companies in North America and Europe. It serves income-seeking individual investors via financial advisers and offers Class I, S, and D shares.

Ownership category

akta.pro rank

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns and Interest Income: Generates returns through a diversified portfolio of senior secured, privately originated floating rate loans to well-established companies in North America and Europe. Revenue is derived from interest income on loans, with current income distributed as monthly distributions to shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

The T. Rowe Price OHA Select Private Credit Fund (OCREDIT) is a non-traded perpetual Business Development Company (BDC) that invests in a diversified portfolio of primarily senior secured, privately originated floating rate loans to well-established companies in North America and Europe. The fund seeks to generate attractive risk-adjusted returns predominantly as current income, distributed monthly to shareholders, and offers quarterly liquidity through tender offers.

Product overview

T. Rowe Price OHA Select Private Credit Fund (OCREDIT) is a single unified investment product structured as a non-traded perpetual Business Development Company (BDC). The fund offers three distinct share classes (Class I, Class S, and Class D) that provide investors access to institutional-quality private credit strategies. Class I is the primary share class launched at inception (November 2022), while Class S and Class D were introduced subsequently with different fee structures to accommodate various investor preferences. All share classes invest in the same underlying portfolio of senior secured, privately originated floating rate loans to well-established North American and European companies, managed by OHA's credit specialist team.

Differentiator

Problem solved

Functional benefit

Products and services

• OCREDIT (T. Rowe Price OHA Select Private Credit Fund) A non-traded perpetual Business Development Company (BDC) that invests in a diversified portfolio of senior secured, privately originated floating rate loans to well-established companies in North America and Europe, seeking to generate attractive risk-adjusted returns predominantly as current income. Designed for income-seeking individual investors accessing the fund through financial advisers and brokerage representatives.
• Class I Shares Primary share class with no upfront placement fees. Class I inception date is November 14, 2022. As of May 31, 2026, NAV is $26 with a 9.23% annualized distribution rate and 1-year net total return of 6.52%, 3-year return of 11.33%, and inception-to-date return of 10.64%.
• Class S Shares Share class offered with both no upfront placement fee and with upfront placement fee options. Class S inception date is May 1, 2024. As of May 31, 2026, NAV is $26.1 with a 8.38% annualized distribution rate. Net total returns with no upfront fee of 5.63% (1-year) and 6.42% since inception.
• Class D Shares Share class offered with both no upfront placement fee and with upfront placement fee options. Class D inception date is March 1, 2025. As of May 31, 2026, NAV is $26.1 with a 8.98% annualized distribution rate and 6.26% net total return (1-year, no upfront fee).

Quantifiable outcome

• 9.2% annualized distribution rate as of May 31, 2026
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Golub Capital BDC: Publicly traded BDC focused on senior secured one-stop loans to middle-market sponsor-backed borrowers; comparable credit strategy and borrower profile though listed on NASDAQ rather than non-traded.
• Blue Owl Capital Corp (OBDC): Publicly traded BDC from Blue Owl Capital; while listed (so different liquidity profile), it shares the same senior secured direct lending mandate and overlapping investor base, serving as the public-market reference point for OCREDIT.
• Apollo Credit Fund: Apollo's hybrid value/credit fund complex with non-traded and listed vehicles targeting retail and institutional investors in private credit; broad incumbent competing for the same allocator mindshare.
• Ares Capital Corp (ARCC): Largest publicly traded BDC, run by Ares Management; offers a similar first-lien senior secured loan portfolio to middle-market companies, providing benchmark pricing and yield comparables for OCREDIT's strategy.

Direct peers

• Carlyle Credit Income Fund: Non-traded perpetual BDC from Carlyle's Global Credit platform offering first-lien senior secured loans to financial-adviser-served retail investors; directly comparable mandate and distribution model.
• Cliffwater Corporate Lending Fund: Non-traded interval fund from Cliffwater focused on senior secured direct loans to upper-middle-market companies; competing for the same financial-adviser retail allocations.
• Blackstone Private Credit Fund: Non-traded perpetual BDC sponsored by Blackstone Credit, targeting individual investors through financial advisers with similar senior secured floating-rate loan mandate and quarterly tender liquidity. Most direct competitor in the retail-accessible private credit BDC category.
• HPS Corporate Lending Fund: Non-traded perpetual BDC from HPS Investment Partners (a BlackRock company) targeting the same financial-adviser retail channel with senior secured direct loans; structurally and strategically almost identical to OCREDIT.
• Ares Diversified Income Fund: Non-traded perpetual BDC from Ares Management's Credit Group, marketed to retail through financial advisers with a diversified senior loan portfolio. Closely comparable product wrapper.
• KKR Private Credit Fund: Non-traded perpetual BDC from KKR Credit, distributing through financial advisers with a senior secured floating-rate loan strategy targeting individual investors.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Customer concentration

• LinkedInlinkedin.com/company/oak-hill-advisors-l-p-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about T. Rowe Price OHA Select Private Credit Fund